just-auto.com

JAPAN: Nissan H1 profits dip on flat sales

By Graeme Roberts | 3 November 2011

Nissan Motor net income after taxes dipped 12% year on year to JPY183.4bn (US$2.3bn, EUR1.61bn) in the first fiscal half year to 30 September, 2011. Revenue was up 1.1% to JPY4.3674 trillion ($54.73bn, EUR38.41bn). Operating profit was down 7.5%, to JPY309.7bn ($3.88bn, EUR2.72bn and operating profit margin was 7.1%.

Nissan sold 2,225,000 vehicles worldwide in the first half, up 10.7%.

"Nissan has once again delivered strong first-half earnings and healthy profit margins, reflecting the innovation and consumer appeal of our vehicles in all markets around the world," said president and CEO Carlos Ghosn. "In spite of unfavorable currency fluctuations, numerous natural disasters and a volatile global economy, we remain on track to deliver a significantly profitable full-year performance."

In the July-to-September second quarter, Nissan's net income was JPY98.4bn. Revenue was up 7% to JPY2.2855 trillion ($29.34bn, EUR20.74bn). Operating profit was JPY159.3bn ($2.04bn, EUR1.45bn) and operating profit margin 7%.

Nissan said its fiscal Q2 results would make an estimated EUR367m contribution to Renault’s second half 2011 net profit.

Nissan sold 1,169,000 vehicles in the second quarter, up 10.8% year on year.

Based on assumptions of JPY80/US dollar and JPY110/euro for the second half of fiscal year 2011, Nissan revised its fiscal full-year forecast to 31 March, 2012.

It now expects  revenue of JPY9.45 trillion, (down from JPY9.4 trillion announced on 23 June), operating profit of JPY510bn (up from JPY460bn) and net income of JPY290bn ($3.63bn, EUR2.59bn; up from JPY270bn)). Capital expenditures has been pegged at JPY410bn and R&D expenses JPY440bn.